Key Points
- Palomar CEO Mac Armstrong sold 3,500 shares on March 23 at $120.58 for $422,030, reducing his stake by 1.02% to 339,888 shares (~$40.98M) and continuing a string of insider sales since January that total millions of dollars.
- Palomar beat quarterly expectations with EPS $2.24 vs. $2.06 and revenue $253.36M (up 62.7% YoY); analysts are mostly positive with a consensus target of $163 and the company has a $3.25B market cap.
Palomar Holdings, Inc. (NASDAQ:PLMR - Get Free Report) CEO Mac Armstrong sold 3,500 shares of Palomar stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $120.58, for a total value of $422,030.00. Following the completion of the transaction, the chief executive officer owned 339,888 shares in the company, valued at $40,983,695.04. The trade was a 1.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Mac Armstrong also recently made the following trade(s):
- On Thursday, February 12th, Mac Armstrong sold 5,000 shares of Palomar stock. The stock was sold at an average price of $122.60, for a total value of $613,000.00.
- On Saturday, January 31st, Mac Armstrong sold 2,205 shares of Palomar stock. The shares were sold at an average price of $121.74, for a total transaction of $268,436.70.
- On Saturday, January 31st, Mac Armstrong sold 2,205 shares of Palomar stock. The shares were sold at an average price of $121.74, for a total transaction of $268,436.70.
- On Thursday, January 29th, Mac Armstrong sold 5,399 shares of Palomar stock. The shares were sold at an average price of $122.04, for a total value of $658,893.96.
- On Thursday, January 29th, Mac Armstrong sold 5,399 shares of Palomar stock. The stock was sold at an average price of $122.04, for a total value of $658,893.96.
- On Wednesday, January 28th, Mac Armstrong sold 11,484 shares of Palomar stock. The shares were sold at an average price of $119.88, for a total value of $1,376,701.92.
- On Wednesday, January 21st, Mac Armstrong sold 5,000 shares of Palomar stock. The stock was sold at an average price of $129.00, for a total transaction of $645,000.00.
- On Thursday, January 15th, Mac Armstrong sold 2,310 shares of Palomar stock. The shares were sold at an average price of $130.00, for a total transaction of $300,300.00.
Palomar Trading Down 0.1%
NASDAQ PLMR opened at $121.84 on Thursday. The firm's fifty day simple moving average is $124.43 and its 200-day simple moving average is $123.03. Palomar Holdings, Inc. has a 1-year low of $107.75 and a 1-year high of $175.85. The company has a market capitalization of $3.25 billion, a PE ratio of 16.97 and a beta of 0.46.
Palomar (NASDAQ:PLMR - Get Free Report) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $2.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.06 by $0.18. The business had revenue of $253.36 million during the quarter, compared to analyst estimates of $204.58 million. Palomar had a return on equity of 22.77% and a net margin of 22.50%.The firm's revenue was up 62.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.52 EPS. As a group, analysts predict that Palomar Holdings, Inc. will post 5.99 EPS for the current year.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the stock. Rockefeller Capital Management L.P. grew its position in Palomar by 81.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company's stock valued at $40,000 after acquiring an additional 132 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Palomar in the fourth quarter valued at about $215,000. Summit Global Investments raised its holdings in Palomar by 1.7% during the 4th quarter. Summit Global Investments now owns 4,646 shares of the company's stock worth $626,000 after purchasing an additional 79 shares during the last quarter. Caitlin John LLC raised its stake in Palomar by 23,887.5% during the fourth quarter. Caitlin John LLC now owns 1,919 shares of the company's stock worth $259,000 after buying an additional 1,911 shares during the last quarter. Finally, State of Tennessee Department of Treasury lifted its stake in shares of Palomar by 6.8% in the 4th quarter. State of Tennessee Department of Treasury now owns 15,275 shares of the company's stock valued at $1,888,000 after purchasing an additional 971 shares during the period. Institutional investors own 90.25% of the company's stock.
Analyst Upgrades and Downgrades
Several brokerages have commented on PLMR. Weiss Ratings upgraded Palomar from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, January 14th. JPMorgan Chase & Co. increased their price objective on Palomar from $155.00 to $160.00 and gave the stock an "overweight" rating in a research note on Monday, February 23rd. Wall Street Zen cut shares of Palomar from a "buy" rating to a "hold" rating in a research note on Sunday, March 1st. Evercore began coverage on shares of Palomar in a report on Monday, February 9th. They set an "outperform" rating and a $150.00 price objective on the stock. Finally, Keefe, Bruyette & Woods boosted their target price on Palomar from $170.00 to $171.00 and gave the stock an "outperform" rating in a research report on Tuesday, January 6th. Seven analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Palomar has an average rating of "Buy" and a consensus target price of $163.00.
Get Our Latest Report on PLMR
Palomar Company Profile
(
Get Free Report)
Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.
In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.
Further Reading
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